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Avalanche token AVAX sees a huge spurt in its price, compared to its ICO

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Seems like this will be an avalanche of good news after all because the platform used for launching interoperable DeFi applications, Avalanche (AVAX) has recorded a dramatically huge surge in pricing activity after it was recently listed on an exchange. 

The Avalanche token, AVAX on the listings, is trading at $5.50 which is estimated to be ten times more than its Initial Coin offering price at $0.50. Early today the price touched its high at $6.97 before it came down to $5.40, still a high compared to its ICO price. Just yesterday the platform had launched its mainnet. The mainnet launch has been after 16 months of rigorous preparation as per its roadmap and execution of the three slotted testnets. 

Source: Binance

This is an image from Binance and the growth story came shortly after Avalanche was listed on the biggest cryptocurrency spot exchange by  trading volume. As of now, deposits as well as AVAX with four trading pairs AVAX/BTC, AVAX/BNB, AVAX/BUSD, and AVAX/USDT are trading live.

Given below is the latest Avalanche chart from CoinGecko. As we can see the maximum peak was reached at around 14.15 hours at $6.98 after which it drifted off a little. But for a one-day period, enough ups and downs were recorded but at the same time, it also speaks about user engagement and interest in the token.

Source: CoinGecko

So as of now which is the press time, Avalanche price is $5.95 and it has recorded a 24-hour trading volume to be $147,258,745. AVAX price has been stringing up in the last 24 hours without a doubt. It has a circulating volume at present of 25 million coins which is great and its maximum supply is 360 million coins. As implied earlier, Binance is actively trading the token. 

The sudden spike of interest in the token actually reached its zenith on Sunday after the AVAX IOU token hit a huge high and reached its all-time highest value of $16.61 till date. The tokens in the offering were being provided by comparatively clandestine and lesser known exchange platforms that allowed holders to exchange their IOU’s for the real AVAX tokens at some point in the entire scheme of things. But whosoever bought the tokens at this price might be in for some disappointment because the real tokens which they would be given will be worth relatively less. 

Avalanche token, as is visible from the table now has a market capitalization of $145 million. This makes it an entrant into CoinGecko’s DeFi rankings in the top 25 largest DeFi platforms by its market cap. Within a single day, apart from recording its highest it also recorded its lowest at $4.41 5 hours ago. The sudden spurt refers to good sentiments that bolstered trade and activity surrounding the coin. We can only wait and watch what the further prospects of the token will be in the future. As of now, the week is extremely crucial to see if it retains. 

Source: CoinGecko